Beeks Financial Cloud: Progressive
announces that NED William Meldrum is appointed Chair, and the current Chair, Mark Cubitt, becomes a NED. This follows Mr Cubitt’s appointment as Executive Chair of IQE plc, where he is busy with a strategic review. On 29 October, IQE CEO Americo Lemos departed and Mr Cubitt, who joined the IQE Board earlier that month, was appointed Executive Chair, taking over from Phil Smith, who stepped down as Chair but remains as a NED. By contrast, Beeks is a model of stability, unbridled growth and opportunity. Beeks is currently the top-performing LSE tech company (n=74) with a TSR +203.5% 2024YTD vs the sector +8.1%. In our view, Beeks is gaining from secular tailwinds (cloud adoption, compliance, data sovereignty, cybersecurity, sustainability, analytics, payment modernisation, AI in risk management etc), which have enabled it to carve out a moat as market leader in cloud infrastructure for financial markets and payments. The FY1 valuation (EV/EBITDA 13x) does little to reflect the proven execution on global TAM and the opportunity for more. Investors buy Beeks for long-term secular growth.
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